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with Jon Dawson

Monthly Archives: November 2015

Dodge Data and Analytics along with the National Association of Home Builders (NAHB) have released results of a survey of 253 home builders and remodelers to measure the direction of consumers interest in ‘building green.’

The survey reports that consumers of all ages are interested in ‘green’ but that those in the ’55 and older’ group are the most important sector driving the current green market and that they associate ‘green’ construction with healthier homes.

Tom Woods the Chairman of NHAB said, “The study’s recent findings reinforces the continued growth in consumer feedback showing a desire and expectation that new homes be high-performing, particularly when it comes to energy conservation.”

The study demonstrates that the use of renewable technologies is expected to continue to dominate with the prediction that by 2018 nearly half of home builders will be using solar photovoltaics and ground source heat pump technologies. As consumers become better informed about the features that make homes more sustainable and healthier they will begin to demand them.

It is expected that as the environmentally-minded-millennials gain more experience with homeownership ‘net zero’ homes will emerge as dominant for their next home purchase.

With the newly released 2015 Profile of Home Buyers and Seller by the National Association of Realtors NAR’s managing director of survey research pointed out that interest in home ownership among the 25 to 34 age range is growing. Historically these ‘Millennials’ always represent the largest home buyer group.

This group is attracted by the use of technology and demand energy efficiency and environmentally friendly features. NAR’s Jessica Lautz, Director of Research said, “…the allure of homeownership remains strong among a group that’s represented the largest generation of buyers for three straight years. They’re upbeat about homeownership but often hampered by credit qualification and the challenge of saving for a down payment.”

Lautz added, “That although almost half of buyers began their home search on line this buying group appreciates face to face interaction and guidance through each step on the home buying process, this is why agent-assisted sales are currently at an all-time high.”

Favorable interest rates for home buyers continue to fuel consumer demand for homes in the greater Bangor Area and across the state. Most lender report the rate for a 30 year mortgage at 4%.

There were 140 single family homes sold in the Bangor Area (Bangor, Brewer, Hampden, Holden, Hermon, Glenburn, Orono, Old Town and Veazie) this October compared to 142 for the same period last year. The median sale price of the homes sold decreased from last year by 4.4% to $142,360.

During the same period sales reported for the State of Maine reached $840 million compared to $832.3 million last October with the median sale price rising by 6.3% to $188,000.

The median sale price for a single family home in Maine for October 2005 was $197,900.

A vast majority of Americans believe that buying a home is a solid financial decision, and most believe they could sell their home for at least its initial purchase price, according to a new survey from the National Association of Realtors®. The 2015 National Housing Pulse Survey also found that a preponderance of Americans think that now is a good time to buy a home.

The 2015 National Housing Pulse Survey found that more than eight in 10 Americans believe that purchasing a home is a good financial decision, and 68 percent believe that now is a good time to buy a home. Seventy-one percent believe they could sell their house for what they paid for it, a jump of 16 percentage points from 2013.

When asked for reasons about why homeownership matters to them, respondents’ answers did not change significantly from past years. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top three reasons to own a home.

The number of renters who are now thinking about purchasing a home has increased since the last survey in 2013, up from 36 percent to 39 percent. Sixty-one percent of renters stated that owning a home is a priority for their future.

Attitudes about the housing market have improved in recent years. Forty-nine percent of respondents indicated that they feel activity in the housing market has increased in the past year, compared to 44 percent in 2013 and 12 percent in 2011.